Regulators close Syringa Bank of Idaho

MichelleGerdes

Regulators closed a small bank in Idaho on Friday, the third bank failure for 2014.

Syringa Bank, Boise, Idaho, was closed by the Idaho State Banking Department. Sunwest Bank, Irvine, Calif., agreed to take over the deposits of the failed bank as part of a purchase-and-assumption deal with the Federal Deposit Insurance Corp.

The last bank failure to occur in Idaho was in 2009 when First Bank of Idaho, FSB, Ketchum was closed. In total, 24 banks failed in 2013.

As of Sept. 30, 2013, Syringa Bank had about $153.4 million in total assets and $145.1 million in total deposits.

In addition to assuming the deposits of the failed bank, Sunwest Bank agreed to purchase essentially all of the failed bank's assets.

The FDIC estimates that the cost of the bank failure to the Deposit Insurance Fund will be $4.5 million.

Depositors of the failed bank automatically will become depositors of Sunwest Bank and will continue to be insured by the FDIC. The FDIC insures deposits for as much as $250,000 per depositor.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information. Intraday data
delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc.
All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More
information on NASDAQ traded symbols and their current financial status. Intraday
data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM)
from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is
at least 60-minutes delayed. All quotes are in local exchange time.